In a recently unveiled personal account, called Ithaki, the former leader Tsipras spares no criticism as he revisits the turbulent period during Greece's debt drama.
An Unconventional Choice
As per Tsipras's recollections, he appointed that maverick academic Varoufakis as his finance minister mainly due to his worldwide fame along with Varoufakis's “extremely attractive” abilities as a speaker.
“He was, actually, more like a personality and less of an economic expert,” recalled Tsipras.
Clashing Agendas
Tsipras claims that Varoufakis possessed a personal motives which included promoting his publications as well as experimenting with his theories using Greece instead of genuinely advocating the country's financial survival.
He wrote that those negotiations to prevent insolvency became “not just a method to secure a better deal for the country. They became a test, an historic chance to prove the truth of his economic theories.”
High-Stakes Negotiations
During tense discussions, the country found itself dangerously on the brink of exiting the single currency area.
On the line lay not only the country's destiny but also the severe cutbacks required in return for bailout funds from foreign lenders.
Unsuccessful Alternatives
Attempts to secure funds elsewhere, such as a desperate plea to Russia to buy Greek government bonds, fell on stony ground.
Assisting Greece was tantamount to tossing cash into the garbage, the Russian leader reportedly informed his Greek counterpart during their meeting.
Public Vote Followed by U-Turn
That summer, those excoriating bailout terms were put to a popular referendum, a move which plunged Europe into further crisis of identity.
Although the vote was won resoundingly by those who opposed austerity, the prime minister was forced but to reject its outcome then agree to a bailout package from creditors that turned out to be more severe.
Breaking Point
The ex-PM claimed that he started questioning his finance minister relatively soon.
“He was the public image of negotiation, the figure who drew publicity, who appeared on the covers of publications globally … it seemed he was enjoying the spotlight.”
When the minister outlined a contingency plan that included creating a parallel currency and distributing vouchers to retirees, the leader said he realised that it was game over and asked him: “Are you serious?”
Enduring Rebuke
In the memoir, the author asserts that Varoufakis had proved himself “unsuitable for an agreement demanding intricate and delicate handling.”
Tsipras also wrote how his aggressive approach left him increasingly isolated with colleagues, put Greece at risk, while assisted hawks that were pushing for Grexit.
The retelling of events has been met with anger and stunned disbelief in some quarters, while the former minister has maintained a deafening silence regarding these claims.
